7.60 Peterson Pipes prepares detailed budgets for all four quarters of the year. The following information pertains to Petersons budget for 2009:

	Revenues	Direct Labor	Materials purchases	Beginning materials inventory	Beginning finished goods inventory
First quarter	$795,200	$240,000	$235,000	$400,000	$380,000
Second quarter	834,200	244,500	211,200	420,000	390,400
Third quarter	864,450	238,500	222,300	415,000	385,600
Fourth quarter	856,250	248,600	207,500	425,000	391,250
First quarter, 2010				410,000	396,500

Peterson expects fixed manufacturing overhead to be $150,000, $172,250, $169,250, and $174,300 for quarters 1 through 4 of 2009, respectively. Likewise, Peterson expects fixed selling and administrative costs to be $80,000, $95,000, $106,000, and $100,000 for quarters 1 through 4, respectively. Peterson does not incur any expenditures related to variable overhead or any variable selling and administrative costs. Finally, Peterson plans to begin and end each quarter with zero work in process inventory.

Prepare a budgeted contribution margin income statement for Peterson Pipes for each quarter of 2009.